Loading ...Canada’s ban on foreign homebuyers comes into effect on Jan. 1. Here’s what to know
As of Jan. 1, 2023, foreign commercial enterprises and people will be prohibited to buy residential properties in Canada for two years in an attempt to cool the speculation that helped propel the country’s housing market to unprecedented highs over the past three years.
Anyone who’s neither a Canadian citizen nor a permanent resident will not be able to purchase a residential property in Canada as of Jan. 1 for two years, according to this new rule.
The ban also includes non-Canadian company owners, which the regulations say will prevent them from avoiding the prohibition.
Until the Turd is gone, no one wants to buy in Canada anyway. Prices will be dropping until you get rid of him!
OTOH…RE is a Hard asset and Turdobucks are a depreciating “asset”
Yes I have to agree Fully. While housing in Canada should fall based on a hundred good reasons, I am betting its going to bounce right back since land and homes are physical assets. They may be able to ride a currency reset into the brave new world whereas cash gets destroyed. Same with stocks and gold and any other hard asset. Even Bitcoin should rise again. But we will likely still see home prices keep falling during 2023 as the trending direction is now down. Where it ends is anyones guess.